Reply to Hamptons is SO overrated, couldn't wait to leave.

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[quote=Anonymous]Apparently, you’re not alone, OP.

It would be interesting to know if this is just a Hamptons phenomenon or whether other high end resort areas are seeing a slow down.

https://www.cnbc.com/2022/05/30/hamptons-summer-rental-market-beach-house-inventory-is-up-prices-are-down.html?__source=sharebar|twitter&par=sharebar

After two years of strong demand and soaring prices, the supply of rentals in the Hamptons is surging, leading to a wave of last-minute price cuts. Median rental prices in the first quarter fell 26%, according to Jonathan Miller, CEO of Miller Samuel. Brokers say some owners are slashing prices by 30% or more just to fill their properties.

“There is a tremendous amount of inventory and people are not renting it,” said Enzo Morabito of Douglas Elliman. “And it’s across all segments, from the very low to the very top of the market.”

The weakness marks a dramatic and rapid reversal for one of the country’s highest-priced and most sought-after real-estate markets. In 2020 and 2021, renters were scrambling to find summer rentals and paying record prices months before the season for fear of missing out. Now, brokers say there are hundreds of rentals still available for the summer.[/quote]

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